The Philippine Economic Zone Authority (PEZA) said Monday it approved P30 billion worth of investments as of April 19, 2024.
PEZA director-general Tereso Panga said the PEZA board approved 73 new and expansion projects. These are expected to contribute $1.095 billion in exports and create 14,812 new jobs.
“PEZA’s approved projects will result in mutualistic benefits for international relations and continually champion the Philippines as Asia’s premier investment destination,” Panga said.
PEZA said that newly-approved projects in April alone would generate P15 billion in investments for the second quarter, create over 3,200 new jobs and generate $69.778 million in exports.
The projects span various sectors including export manufacturing, IT-BPM, facilities, logistics and ecozone development.
Majority of the projects are located in CALABARZON, Metro Manila, Bicol and Central Luzon, with some in the Visayas and Mindanao.
The PEZA board recently toured First Philippine Industrial Park (FPIP) in Makati City and lauded FPIP locators Collins Aerospace Philippines and Philippine Manufacturing Co. of Murata (Murata Philippines) for their contributions.
Meanwhile, PEZA included renewable power and waste water treatment as mandatory requirement for new economic zone applications.
Panga said the agency would issue new guidelines for economic zone development.
“This is now the eco-zone model we are promoting. Locator companies are now demanding that they should see all these elements in the economic zone. We need to develop self-sustaining economic zones,” he said at the sidelines of the two-day forum on eco-industrial parks at the PEZA office in Pasay City.
Ten 10 ecozones now observe sustainability measures in its operations such as the Laguna Technopark, First Philippine Industrial Park (FPI) and the Light Industry and Science Park (LISP).
PEZA is crafting the guidelines for new economic zones application with the help of IFC and United Nations Industrial Development Organization.